Several exchanges are leaving! Bitstamp will exit the Canadian

Kapil334

Bitstamp, a well-established cryptocurrency exchange that has been in operation for over 12 years, has announced that it will stop providing services to Canadian users in January of next year. This comes as the latest major exchange to exit the Canadian market, following Binance, Bybit, and OKX.

Bitstamp Exiting the Canadian Market
Bitstamp issued a statement to TheBlock, stating that the company will soon exit the Canadian market.
The content shows that after notifying its users starting in March of this year, Bitstamp will officially stop providing services to Canadian users on January 8, 2024. All Canadian accounts will be disabled, and users must withdraw their funds before that date.
Bobby Zagotta, Bitstamp's US CEO and Global Head of Business, revealed, ""This was not a decision we made lightly. We appreciate the loyalty of our Canadian customers over the years and hope to have the opportunity to serve Canada again in the future.""

Earlier in August of this year, Bitstamp delisted certain competing coins that were mentioned or accused of being securities, due to pressure from the US Securities and Exchange Commission (SEC). They cited the reason as the regulatory environment and industry development in the United States.

In June of this year, Bitstamp had already initiated a fundraising process to raise funds for global expansion. It is reported that Bitstamp will use this funding to launch derivative trading in Europe next year and expand its services in the UK, while also expanding its business in the Asian market.

Tightening Regulation by Canadian Authorities
At the beginning of the year, the Canadian Securities Administrators (CSA) set a deadline for cryptocurrency exchanges to register and meet relevant requirements by the end of March.
As a result of this announcement, multiple major cryptocurrency companies, including Binance, Bybit, OKX, Deribit, Paxos, and dydx, have left the Canadian market within a year.
It is worth noting that the exchange Coinbase expressed support for the regulatory actions in Canada, stating that they liked the friendly approach of the country's regulators participating in regulation.
However, the initially strict regulatory stance appears to have shifted recently. Just last week, the CSA announced that it would conditionally allow stablecoin trading, as long as the service issuers and exchanges comply with terms related to asset reserves, governance, and operations and submit applications by December of this year for approval. The CSA emphasized that even if assets meet these standards, it should not be seen as an absolute endorsement, nor does it imply that the assets are without risk.

Ritu13

Let's pay attention to cryptocurrency matters.

977Iti

It seems that the Canadian market is challenging.